Crypto-nuts rightly point out that our capitalist society is deeply inequitable. The housing ladder, wealth-creation, true equality, social mobility and fair employee rights are a dream for most people. Rather than resolving to improve these issues, the crypto-bro has chosen to become the equivalent of a feudal baron in this new web3 utopia.
They have realised that the blockchain is an opportunity to permanently cement inequality by getting in early with the promise of being a powerful part of the capital class in the new web3 world.
It’s not virtuous, and in fact web3 is even more unequal than today’s society. As Scott points out in his web3 takedown,
Every member of Forbes’s 2021 crypto-billionaires list is a man. A third of them attended Stanford or Harvard. Out of the 12 listed, only one isn’t white.
Many of the steps forward that we have taken in tech with sexism and racism are steps backward in web3.
And the economic inequality is even worse in crypto than it is in the real world, and that’s saying something.